Looked at First Potential Flip or BRRRR

[Chris Battaglia]

Well, it wasn't what I was hoping for, but I looked at my first house for a potential flip or BRRR today. The home has been on the market for several months, which in this hot market was my first clue that it may be extremely rough. There were no pictures of the inside as well, my second clue that it was going to be rough. The house is a 4 bed/2 bath 1800sqf in a good school district and on the edge of what I would call a rural area. Built in 1890. List price is $65,000 and it is public sewer/gas/water on just over an acre. Pulling up to the house it is quite rough on the exterior. The soffits are rotten with large holes in them, there's an addition on the back that was never completed and basically looks like ancient ruins. Inside there are holes in the roof upstairs with water coming in, very questionable flooring and sloped/uneven surfaces, mouse droppings everywhere, etc. It was honestly sad that a house could get as bad as it was, especially since it was still fully furnished with someone's possessions (senior that moved into assisted living I believe). The whole time I'm there, I'm wondering to myself if there's a way to make it work. Is there a contractor that can fix this mess at a number where it still makes sense? Can the house be demo'd and then sell the lot? Could the acre be subdivided to make it two lots? From someone with no real construction experience, it appeared beyond repair (compared to knocking it down and starting over). But to a GC, maybe it's not as scary underneath all of it? These are the thoughts running through my mind right now. The sellers are open to any offers, but not sure if there is a price or a plan where it makes sense. No matter the outcome, I'm glad I looked and feel like it's progress in my investing journey (that hasn't technically begun yet). Anyone been in a situation like this or want to offer up some thoughts/suggestions?